Daniel McConnell: Half-baked insolvency law lacks vital ingredients
In its present form, Alan Shatter's new legislation on debt could end up costing taxpayers, writes Daniel McConnell
'DEBT is the Irish crisis -- sovereign debt, banking debt and personal debt. We are dealing with the sovereign debt and the banking debt effectively. Now we are putting in place a legal basis to deal with the personal debt," Finance Minister Michael Noonan told reporters at the launch of the Government's new insolvency law last Wednesday.
After four years of bailing out our greedy banks by way of a €440bn guarantee and recapitalisations of over €70bn and bailing out the rogue developers by way of Nama to the tune of another €31bn, the ordinary man and woman finally got their bailout last Wednesday.
For a long time there has been a broad consensus that something drastic had to be done to end the suffering of thousands of people who as a result of job losses, negative equity and failed businesses, can no longer meet their repayments. It is right that those people should be helped.